As with the rest of the precious metals complex, copper has started out Thursday morning's trading under pressure. Many traders are pointing towards weaker macro economic sentiment and with the Euro zone debt situation continuing to generate news headlines, there are growing expectations of waning physical demand for commodities. Adding into the negative tone of the market this morning has been the weakness in Asian copper prices and moderate strength in the Dollar. Another issue that appears to have put copper prices under additional pressure is a prediction that Chinese copper imports during the second quarter are set to decline. An issue that might provide minimal support to copper prices is news that Antofagasta saw a decline in its 1st quarter copper production. A decline of 3,750 tons for LME copper stocks this morning might also be considered supportive, especially with a pattern of declining stocks recently.
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